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IT contractors get a salary reboot

Stuart Allen of Adaps IT Recruitment says contract IT roles with major banks have jumped 10% in the last few months alone and pay’s up a similar amount.

Staff shortages are at the root of the rise. “Whereas the banks in the past wouldn’t negotiate, they’re starting to really feel the bite at the moment with the skills shortage,” Allen says.

“We’re putting forward candidates to the big banks and some of them have three or four job opportunities available at the same time, so it’s really competitive.”

Where a reasonable project manager might have been receiving AU$800 a day earlier this year, the equivalent role is now seeing AU$900 a day. At the top end of the market, banks are paying AU$1.2k to AU$1.3k a day on large projects, particularly those that involve business analysts helping investment banks upgrade trading systems.

But Matt Cargill of Hamilton James & Bruce says financial institutions are paying more to try and build their permanent IT ranks.

“When the banks get a good IT person they try to lock them into a permanent role rather than a contract. That’s just the nature of the IT market and I think it’s pretty much across the board.”

Comments (5)

  1. Maybe I live on other planet ? I’ve been on the market since May.There are only a couple of jobs in banking sector (e.g. in Macquarie Bank) and nobody else is hiring

  2. This article doesn’t say where its data comes from or how broadly it sampled for its information. Is the 800 to 1300 per day paid by the bank or recieved by the contractor? Are these contracts paid on a per day basis or per hour? Still it’s all about relative salaries (keeping up with the Jones). Executives pay were rising fast over the last 3 years, it’s really just a matter of the rest of the office catching up.

  3. Hi

    Data comes from temping recruiters and refers to what’s received by the contractors on a day basis. Thx.

    Sarah, Editor, eFinancialCareers Reply
  4. I’ve returned from Asia to Australia and not only banks will pay the $1200ish a day with 6 to 12 month contracts for good people. The bank i contract for is always looking for skilled PM’s and Test Managers. My recommendation is to stay away from professional services firms who keep all the margin and contract directly or through a nominated contacting company. That way you keep the reward. At present these is more money in IT contracting to be made in Australia than Singapore given the poor exchange rate and cost of living/schools/cars even with the Oz tax system.

    let the good times roll!!!

  5. Can someone please tell me what are the contract rates for a Test Analyst or a Senior Test Analyst in Macquarie Bank if you are going through an Agent? This information will be very helpful to me – Sakshi Sharma

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